According to its lawyers, Celsius expects its cash outflow for the following three months to be negative. As it moves through its bankruptcy process, the crypto-lending company anticipates a negative net cash flow of $137.2 million through October.
With over $4 billion in user debt, Celsius filed for chapter 11 bankruptcy back in July. Over the past month, the company has been the subject of numerous investigations, including those by Canadian regulators.
The most recent filings show that Celsius anticipates generating about $66.4 million in liquidity in August. Next month, it’s anticipated that figure will fall to $11 million. Last but not least, liquidity anticipates falling even further in October to a negative $33.9 million. However, the firm anticipates $85.4 million in operating expenses over the subsequent three months.
Although Celsius Network anticipates a negative cash outflow through October, the price of their token (CEL) has risen. It was revealed last week that CEL’s 30-day chart showed gains of as much as 232.8%.
This increase may have been sparked by Ripple Labs‘ desire to acquire Celsius as well as the company’s repayment of numerous loans.
However, the Celsius Network will need to do much more to stabilize cash outflow forecasts as Q3 draws to a close.
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